In addition to prohibiting domestic oil and gas producers from accessing American energy resources, the president also wants to raise taxes on the energy sector by removing the domestic manufacturing deduction enjoyed by every other industry to compensate for equipment depreciation. This expense would certainly be passed along to consumers in the form of even higher prices at the pump.
The billions of barrels of oil and gas the Obama administration has placed off-limits represent tens of thousands of jobs that either aren’t being created or are heading overseas to nations that are willing to produce and sell their natural resources -- often at greater environmental risk than U.S. standards tolerate. The Keystone pipeline alone would create an estimated 20,000 direct jobs and 118,000 related jobs while transporting Canadian oil safely through Oklahoma and Texas. Instead, the president’s resistance may well send those jobs and energy to China via the Pacific Ocean.
President Obama is not solely responsible for the 97 percent jump in gas prices since he took office. Yet the fact remains that the average price for a gallon of gas was $1.89 when his term began, and his administration’s policies have failed to advance American energy independence in the three and a half years since.
Tom Cole is 4th District U.S. Congressman.